SOURCE: Consumer Direct of America

December 08, 2005 09:15 ET

Shearson Home Loans Secures $4 Million Equity Commitment

LAS VEGAS, NV -- (MARKET WIRE) -- December 8, 2005 -- Shearson Home Loans, a fast growing mortgage banker/broker and subsidiary of Consumer Direct of America (OTC BB: CSUA), has executed a $4 million equity commitment term sheet from Crusader SEDA Fund LLC in New York. The SEDA (Standby Equity Distribution Agreement) allows Shearson to draw down capital from the fund periodically over the next two years up to a total of $4 million. The expected closing date of the agreement is scheduled for December 16, 2005.

Chairman & CEO Michael A. Barron said, "We are pleased with our existing relationship with Crusader and this equity commitment will allow us to expand the Shearson brand and add numerous new branches to our mortgage network. We have several acquisitions in mind and a financial resource like this gives us a real market edge as we consolidate branches."

About Shearson Home Loans

Shearson Home Loans is a fast-growing provider of residential mortgages. It employs over 300 people, 250 of whom are residential mortgage real estate brokerage professionals who had closed-loan volume of $1.1 billion, which accounted for over 6,435 loan transactions in 2004. Shearson operates 54,000 sq. ft. of branch office space with 36 locations in 24 states. The company is a consolidator of independent mortgage brokerages and has grown rapidly during the last three years through acquisition and consolidation. The company currently is seeking new branches for its growing network. For more information, please visit the company's website at www.shearsonhomeloans.com.

Contact Information

  • Contacts:
    Michael Barron
    Shearson Home Loans
    702-547-7322